Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First Horizon (NYSE:FHN) Stock

First Horizon (NYSE:FHN) had its target price raised by research analysts at Keefe, Bruyette & Woods from $23.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 20.36% from the stock’s current price.

Several other equities research analysts also recently issued reports on FHN. UBS Group started coverage on shares of First Horizon in a research note on Tuesday. They set a “buy” rating and a $25.00 price objective for the company. Barclays increased their price target on First Horizon from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, November 8th. JPMorgan Chase & Co. decreased their target price on First Horizon from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Robert W. Baird set a $17.00 target price on First Horizon in a report on Thursday, October 17th. Finally, Wells Fargo & Company upped their price target on First Horizon from $18.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

First Horizon Price Performance

Shares of First Horizon stock opened at $19.94 on Thursday. The business’s fifty day moving average price is $19.20 and its 200 day moving average price is $16.88. First Horizon has a twelve month low of $12.95 and a twelve month high of $21.72. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $10.57 billion, a P/E ratio of 14.45, a PEG ratio of 1.54 and a beta of 0.91.

First Horizon (NYSE:FHN) last released its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $821.63 million. First Horizon had a return on equity of 9.51% and a net margin of 15.43%. During the same period in the previous year, the company posted $0.27 EPS. As a group, research analysts anticipate that First Horizon will post 1.49 earnings per share for the current year.

First Horizon declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 10.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at First Horizon

In related news, EVP David T. Popwell sold 100,974 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $19.77, for a total transaction of $1,996,255.98. Following the transaction, the executive vice president now directly owns 519,926 shares in the company, valued at $10,278,937.02. This trade represents a 16.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harry V. Barton, Jr. sold 10,000 shares of First Horizon stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $19.92, for a total transaction of $199,200.00. Following the completion of the transaction, the director now directly owns 166,840 shares of the company’s stock, valued at approximately $3,323,452.80. This represents a 5.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. UMB Bank n.a. grew its position in shares of First Horizon by 365.0% during the 3rd quarter. UMB Bank n.a. now owns 1,688 shares of the financial services provider’s stock valued at $26,000 after buying an additional 1,325 shares during the last quarter. Family Firm Inc. acquired a new position in First Horizon in the second quarter valued at approximately $28,000. Nemes Rush Group LLC grew its holdings in shares of First Horizon by 306.2% during the second quarter. Nemes Rush Group LLC now owns 1,828 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 1,378 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of First Horizon during the 2nd quarter worth approximately $31,000. Finally, Covestor Ltd lifted its holdings in shares of First Horizon by 44.0% in the 3rd quarter. Covestor Ltd now owns 2,130 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 651 shares during the last quarter. 80.28% of the stock is currently owned by institutional investors.

About First Horizon

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.